Are South Africans the biggest borrowers in the world? The World Bank says yes. And our own consumer credit stats don’t paint a pretty picture: There are over 25 million active credit consumers, and 40% have impaired credit records. Crunching the numbers shows shrinking employment, growing debt, and millions of active garnishees that could trigger a debt trap.
Alarmingly, South Africa has more people who owe money than people who earn it: Yes, around 16 million South Africans have jobs, while 25 million South Africans are credit active. There are around 9 million more people who owe money than people with jobs; That’s roughly the population of greater Joburg.